WAYNE E. FERSON

revised: January, 2009

PROFESSIONAL: ACADEMIC APPOINTMENTS (Teaching Responsibilities):
2007 -	Ivadelle and Theodore Johnson Chair of Banking and Finance, Marshall School of Business, University of Southern California, Los Angeles, CA. (financial economics).
2007	Visting Scholar, University of Toronto (short term, Ph.D lectures).
2007	Bettis Distinguished Scholar, Arizona State University (financial economics), short-term visiting appointment.
2001 - 2006	Collins Chair in Finance, Boston College, Chestnut Hill, MA. (financial economics) and Research Associate, National Bureau of Economic Research (since 1995).
2008,2007,2004	Visiting Scholar, Federal Reserve Bank of Atlanta (short term research appointments).
1992 - 2001	Pigott-Paccar Professor of Finance, University of Washington, Seattle, Washington (Financial Economics and Investments).
1999	Visiting Scholar, Institute for Advanced Studies and University of Vienna, Austria (doctoral studies).
1998	Visiting Scholar, University of South Carolina (short-term research appointments, lectures to Ph.D. students).
1994, 1995, 1998	Visiting Scholar, Arizona State University, Tempe, AZ (short-term research appointments, lectures to Ph.D. students).
1998	Visiting Scholar, University of Miami, Coral Gables, FL. (short term research appointment).
1983 - 1992	Associate Professor of Finance [Assistant professor, 1985-1988; visiting, 1983-1985], Graduate School of Business, University of Chicago, Illinois (Financial Economics and Investments).
1987 - 1988	Visiting Assistant Professor of Finance, Graduate School of Business, Stanford University, Stanford, Ca. (Investments).
1981 - 1985	Assistant Professor of Finance [Instructor, 1981-1982], The Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania (Corporate Finance and Investments).
1978 - 1979	Lecturer, Graduate School of Business, University of Santa Clara, California (Corporate Finance).
1974 - 1975	Instructor, School of Business, University of Texas at Arlington, Texas (Statistics and Management Science).
EDUCATION:
1975 - 1982	Ph.D. in Finance, June 1982, Graduate School of Business, Stanford, California. Dissertation: "Expected Real Interest Rates and Consumption in Efficient Financial Markets: Theory and Tests." Dissertation committee: Douglas T. Breeden, Michael R. Gibbons and Stephen M. Schaefer. M.A. Degree in Economics, 1979, Stanford Economics Department.
1968 - 1974	M.B.A. 1974, Southern Methodist University, Dallas, Texas. B.S. Industrial Engineering, 1972, Southern Methodist University.
RESEARCH:	Empirical analysis of asset pricing models, accounting for expected returns and risks that vary with information about the state of the economy. Applications of these models, including the relation of security prices to economic variables and the implications of predictability in stock and bond returns for investment performance evaluation, international investment, asset allocation decisions, and cost-of-capital estimation.
TEACHING:	Investments, investment management, financial economics and econometrics; undergraduate through Ph.D. levels.

PUBLICATIONS:
JOURNAL ARTICLES:
2009	"Testing Portfolio Efficiency with Conditioning Information," with Andrew F. Siegel, 2009, Review of Financial Studies 22(7), 2735-2758. [download pdf]
2008	"Asset Pricing Models with Conditional Alphas and Betas: The Effects of Data Snooping and Spurious Regression," with Timothy Simin and Sergei Sarkissian, 2008, Journal of Financial and Quantitative Analysis 43, 331-354. [download pdf]
2006a	"Mimicking Portfolios with Conditioning Information" with Andrew Siegel and Tracy Xu, 2006, Journal of Financial and Quantitative Analysis 41, 607-636. [download pdf]
2006b	"Evaluating Government Bond Fund Performance with Stochastic Discount Factors," with Darren Kisgen and Tyler Henry, 2006, Review of Financial Studies 19, 423-456. [download pdf]
2005	"Weak and Semi-strong Form Stock Return Predictability Revisited" with Andrea Heuson and Tie Su, 2005, Management Science 51, 1582-1592. [download pdf]
2003a	"Is Stock Return Predictability Spurious?" with Timothy Simin and Sergei Sarkissian, 2003, Journal of Investment Management vol. 1, no. 3, 10-19 [go to JOIM]
2003b	"Spurious regressions in Financial Economics?" with Timothy Simin and Sergei Sarkissian, 2003, Journal of Finance 58, 1393-1414 (August). [download pdf] Smith Breeden prize nominee for 2003.
2003c	"Stochastic Discount Factor Bounds with Conditioning Information," with Andrew F. Siegel, 2003 Review of Financial Studies 16, 567-595. [prepublication version download pdf]
2002a	"Conditional Performance Measurement Using Portfolio Weights: Evidence for Pension Funds," with Kenneth Khang, 2002, Journal of Financial Economics 65, 249-282 (August). Summarized in the CFA Digest, vol. 33, no. 1 (February, 2003) [prepublication version download pdf]
2002b	"Performance Evaluation with Stochastic Discount Factors," with Heber Farnsworth, David Jackson, and Steven Todd, 2002, Journal of Business 75, 473-504 (July). [prepublication version download pdf]
2001	"The efficient use of Conditioning Information in Portfolios," with Andrew F. Siegel, 2001, Journal of Finance 56, 967-982 (June). Smith Breeden prize nominee for 2001. Summarized in "Fund Manager Investor Relationships: Asset Allocation, Benchmark and Performance Measurement," Institute for Quantitative Investment Research, 1997. [prepublication version download pdf]
2000a	"Using Time-varying Alphas and Betas in Performance Evaluation," with Jon A. Christopherson and Andrew Turner, 2001, Journal of Investment Consulting 2, 2-12.
2000b	"Performance Evaluation of Tactical Asset Allocation Managers," with Jon A. Christopherson, Tom Goodwin and Andrew Turner, 2001, Journal of Performance Measurement 4, no. 2.
1999a	"Conditioning Variables and Cross-section of Stock Returns", 1999, with Campbell R. Harvey, Journal of Finance 54, 1325-1360. Reprinted in: Asset Pricing Theory and Tests, Robert Grauer (ed.), Edward Elgar Publishing Ltd., Cheltenham, UK. [prepublication version download pdf]
1999b	"Conditional Market Timing with Benchmark Investors," with Connie Becker, David Myers and Michael Schill, 1999, Journal of Financial Economics 52, 119-148. [download pdf]
1999c	"The Alpha Factor Asset Pricing Model: A Parable," with Sergei Sarkissian and Timothy Simin, 1999, Journal of Financial Markets 2, 49-68 (February). Summarized in the CFA Digest 30, no. 2, 17-18 (Spring 2000). [download pdf]
1999d	"Performance Evaluation using Conditional Alphas and Betas," with Jon A. Christopherson and Andrew L. Turner, 1999, Journal of Portfolio Management 26, 59-72. Bernstein Fabozzi/Jacobs Levy Award, for 1999-2000. Summarized in the CFA Digest 30, no. 2, 29-30 (Spring 2000). Reprinted with Commentary in the Bernstein Fabozzi/Jacobs Levy Awards, volume 1, 46-60 (2006). [download pdf]
1999e	"Economic, Financial and Fundamental Global Risk In and Out of EMU," with Campbell R. Harvey, 1999, Swedish Economic Policy Review 6, 123-184. [download pdf]
1998a	"Conditioning Manager Alphas on Economic Information: Another Look at the Persistence of Performance," with Jon A. Christopherson and Debra A. Glassman, 1998, Review of Financial Studies vol. 11, 111-142 (Spring). [download pdf]
1998b	"Estimating the Cost of Capital Through Time: An Analysis of the Sources of Error," with Dennis H. Locke, 1998, Management Science 44, 485-500, No. 4 (April). [download pdf]
1997	"Fundamental Determinants of National Equity Market Returns: A perspective on Conditional asset pricing," with Campbell R. Harvey, 1998, Journal of Banking and Finance 21, 1625-1665. [prepublication version download pdf]
1996a	"Evaluating Fund Performance in a Dynamic Market," with Vincent A. Warther, 1996, Financial Analysts Journal 52, no. 6, pp.20-28. Summarized in the CFA Digest vol. 27, no.3, 70-72 (Summer, 1997). [download pdf]
1996b	"Measuring fund strategy and performance in changing economic conditions, with Rudi W. Schadt, 1996, Journal of Finance 51, 425-462 (June). Smith Breeden prize nominee for 1996. Reprinted in: Asset Pricing Models and Portfolio Performance: Models, Strategy and Performance Metrics, Robert A. Korajczyk, ed., Risk Books, London, June, 1999, pp.335-360, ISBN 1 899332 367. [download pdf]
1995	"Do Arbitrage Pricing Models Explain the Predictability of Stock Returns?" with Robert A. Korajczyk, 1995, Journal of Business 68, 309-349 (July). Reprinted in: Forecasting Financial Markets, Terrence C. Mills (ed.), Edward Elgar Publishing, Ltd., Cheltenham, UK, June 2002. [download pdf]
1994a	"Finite Sample Properties of the Generalized Methods of Moments Tests of Conditional Asset Pricing Models," with Stephen R. Foerster, 1994, Journal of Financial Economics 36, 29-56 (August). Journal of Financial Economics "All star" paper for 1974-1995. [download pdf]
1994b	"Sources of Risk and Expected Returns in Global Equity Markets," with Campbell R. Harvey, 1994, Journal of Banking and Finance 18, 775-803. [prepublication version download pdf]
1993a	"The Risk and Predictability of International Equity Returns," with Campbell R. Harvey, 1993, Review of Financial Studies 6, 527-566. Summarized in International Society of Financial Analysts Digest 6, no. 1: 41-42. Reprinted in: International Capital Markets, Rene M. Stultz and G. Andrew Karolyi (eds.), Edward Elgar Publishing Ltd., Cheltenham, U.K. (forthcoming). [prepublication version download pdf]
1993b	"Time Nonseparability in Aggregate Consumption: International Evidence," with Philip Braun and George Constantinides, 1993, European Economic Review 37, 897-920 (June). [download pdf]
1993c	"Tests of General Latent Variable Models and Mean Variance Spanning," with Stephen R. Foerster and Donald B. Keim, 1993, Journal of Finance 48, 131-156 (March). Smith Breeden prize nominee for 1993. [download pdf]
1992	"Seasonality and Consumption-Based Asset Pricing," with Campbell R. Harvey, 1992, Journal of Finance 47, 511-552 (June). Smith-Breeden prize nominee for 1992. [download pdf] [download not seasonally adjusted consumption data]
1991a	"Habit Persistence and Durability in Aggregate Consumption: Empirical Tests," with George M. Constantinides, 1991, Journal of Financial Economics 29, 199-240 (October).Journal of Financial Economics "All Star" Paper for 1974-1995. [download pdf]
1991b	"The Variation of Economic Risk Premiums," with Campbell R. Harvey, 1991, Journal of Political Economy 99, 385-415 (April). Reprinted in: Asset Pricing Models and Portfolio Performance: Models, Strategy and Performance Metrics, Robert A. Korajczyk, ed., Risk Books, London, June, 1999, pp. 193-212. ISBN# 889332 367. [download pdf]
1991c	"Sources of Predictability in Portfolio Returns," with Campbell R. Harvey, 1991, Financial Analysts Journal No.3, 49-56 (May/June). Graham and Dodd Scroll Award for 1991. [download pdf]
1990	"Are the Latent Variables in Time-varying Expected Returns Compensation for Consumption Risk?" 1990 Journal of Finance 45, 397-430 (June). [download pdf]
1989	"Changes in Expected Security Returns, Risk and the Level of Interest Rates," 1989, Journal of Finance 44, 1191-1217 (December). [download pdf]
1987a	"Non-Stationarity and Stage of the Business Cycle Effects in Consumption-based Asset Pricing Relations", with John J. Merrick, 1987, Journal of Financial Economics 18, 127-146 (March). [download pdf]
1987b	"Tests of Asset Pricing with Time-Varying Expected Risk Premiums and Market Betas," with Shmuel Kandel and Robert Stambaugh, 1987, Journal of Finance 42, 201-220 (June). Lead article. [download pdf]
1985a	"Testing Asset Pricing Models with Changing Expectations and an Unobservable Market Portfolio," with Michael R. Gibbons, 1985, Journal of Financial Economics 14, 216-236 (June). [download pdf]
1983	"Expectations of Real Interest Rates and Aggregate Consumption: Empirical Tests," 1983, Journal of Financial and Quantitative Analysis 18, 477-497 (December). [download pdf]
BOOK CHAPTERS AND MONOGRAPHS:
2009	"Spurious Regression and Data Mining in Conditional Asset Pricing Models," with Sergei Sarkissian and Timothy Simin, Chapter 66 in the Handbook of Quantitative Finance, C.F. Lee and Alice C. Lee, eds. (forthcoming) [download pdf]
2007a	"Stock Price Predictability," 2007, in the New Palgrave Dictionary of Economics, 2nd Edition, edited by Steven Durlaf and Larry Blume, Palgave MacMillon publishers (forthcoming). [download pdf]
2007b	"Market Efficiency and Forecasting," 2007, in Forecasting Expected Returns in the Financial Markets, Stephen Satchell (ed.), Academic Press/Elsevier, ISBN# 978-0-7506-8321-0, pp. 1-16. [download pdf]
2006a	"Portfolio Performance Evaluation," 2006, with George Aragon, Jr. Foundations and Trends in Finance, Now Publishers vol. 2, No. 2, 83-190. [download pdf]
2006b	"Fixed Income Fund Performance Across Economic States," 2006, with Darren Kisgen and Tyler Henry, Research In Finance 23, 1-62. JAI Press, Oxford, UK. ISBN-13: 978-0-7623-1346-7. [download pdf]
2006c	"Asset Pricing Models," 2006, Chapter 8 in the Encyclopedia of Finance, Cheng-few Lee, Ed., Springer Science and Business, New York, ISBN-10:0-387-26284-9, pp 364-375. [download pdf]
2006d	"Conditional Asset Pricing," 2006, Chapter 9 in the Encyclopedia of Finance, Cheng-few Lee, Ed., Springer Science and Business, New York, ISBN-10:0-387-26284-9, pp 376-383. [download pdf]
2006e	"Conditional Performance Evaluation," 2006, Chapter 10 in the Encyclopedia of Finance, Cheng-few Lee, Ed., Springer Science and Business, New York, ISBN-10:0-387-26284-9, pp. 384-392. [download pdf]
2004	"Conditional Performance Evaluation Revisited," with Meijun Qian, 2004, in Research Foundation Monograph of the CFA Institue (formerly, AIMR), ISBN 0-943205-69-7, 84 pages. [download pdf]
2002	"Tests of Mulitfactor Pricing Models, Volatility Bounds and Portfolio Performance," 2003. Chapter 12 in George M. Constantinides, Milton Harris and Rene M. Stultz, Editors: Handbook of the Economics of Finance, Elsevier Science Publishers, North Holland, pp. 743-800 ISBN: 0-444-5136-9. [download pdf]
1998	"Conditional Measures of Performance and Persistence for Pension Funds", with with Jon A. Christopherson and Debra A. Glassman, 1998, in Research in Finance, vol. 16, JAI Press. Stamford, Ct. ISBN: 0-7623-0328-X; pp. 1-46.
1996a	"Econometric Evaluation of Asset Pricing Models," with Ravi Jagannathan, 1996, Chapter 1 (pp.1-30) in the Handbook of Statistics: vol. 14: Statistical Methods in Finance, G.S. Maddala and C.R. Rao (editors), North Holland ISBBN: 0-444-81964-9.
1996b	"Warning: Attribute-sorted Portfolios Can be Hazardous to Your Research," 1996, in Modern Portfolio Theory and its Applications, edited by Saitou, S., K. Sawaki and K. Kubota, Center for Academic Societies, Osaka Japan ISBN 4-906417-10-2 c3033 p6000E, pp. 21-32.
1995a	"Predictability and Time-varying Risk in World Equity Markets," with Campbell R. Harvey, 1995, in Research in Finance, volume 13, 25-85, JAI Press. [download pdf]
1995b	"Further Results on the Small-sample Properties of the Generalized Method of Moments: Tests of Latent Variable Models," with Stephen R. Foerster, 1995, in Research in Finance, volume 13, 91-144, JAI Press.
1995c	"Theory and Empirical Testing of Asset Pricing Models," 1995, Chapter 5 in Finance, Handbooks in Operations Research and Management Science, by Jarrow, Maksimovic and Ziemba (editors), Elsevier, 145-200.
1994a	"An Exploratory Investigation of the Fundamental Determinants of International Equity Market Returns," with Campbell R. Harvey, 1994, in Internationalization of Equity Markets, edited by Jeffrey A. Frankel, University of Chicago Press, pp.59-148, (ISBN 0-226-26001-1).
1994b	"Asset Pricing Models," 1994, in the McGraw-Hill Encyclopedia of Economics, by Douglas Greenwald (editor), second edition, 47-52.
1993a	"Explaining the Predictability of Asset Returns," with Campbell R. Harvey, 1993, in Research in Finance, volume 11, 65-106, JAI Press (ISBN: 1-55938-651-7). [download pdf]
1993b	"Seasonality and Heteroskedasticity in Consumption-based Asset Pricing: An Analysis of Linear Models," with Campbell R. Harvey, 1993, in Research in Finance, volume 11, 1-35, JAI Press (ISBN: 1-55938-651-7). [download pdf]
OTHER PUBLICATIONS:
Note from the Editor on Shanken and Weinstein, Economic Forces and the Stock Market Revisited," 2006, Journal of Empirical Finance 13, 389-391.
Book review of "Asset Pricing," by John H. Cochrane, Journal of Economic Literature XLII (June, 2004), 525-526.
Book review of "A Nonrandom Walk Down Wall Street," by Lo and MacKinlay, 1999, Journal of Economics/ Zeitschrift fur Nationalokonomie, vol. 80 (2003) No. 2, 198-203.
Book review of "Asset Pricing," by John H. Cochrane, Review of Financial Studies 2002, Vol. 15, no. 1, pp. 349-351.
Book review of "Institutional Investors," by Davis and Steil, 2002 Journal of Economics/ Zeitschrift fur Nationalokonomie 76, 196-198.
"Conditional Market Timing with Benchmark Investors," with Connie Becker, David Myers and Michael Schill, 1997, abstract in the Journal of Finance 52, no. 3, p.1028 (July).
"Evaluating Mutual Funds in a Changing Economy," in Joe Faltermeier's Investors' Outlook, Fall 1996.
"Conditional Performance Evaluation" with Heber Farnsworth, David Jackson and Steven Todd, 1996, abstract in the Journal of Finance (July).
Book review for the back cover of P. Rossi (ed.) "Modelling Stock Market Volatility: Bridging the Gap to Continuous Time," Academic Press, 1996.
"The Risk and Predictability of International Equity Returns," with Campbell R. Harvey, 1994, abstracted in International Society of Financial Analysts Digest 6, no.1:41-42.
Book Review of Business Cycles in a Debt and Equity Economy, By Robert E. Krainer, Cambridge: Blackwell publishers, 1992. Pp. xx + 245, Journal of Finance 48, 2034-2037 (December 1993).
"Do Arbitrage Pricing Models Explain the Predictability of Stock Returns?" with Robert A. Korajczyk, 1993, abstracted in the Journal of Finance 48, 1085 (July).
"Treasury Bill Futures as Unbiased Predictors: New Evidence and Relation to Unexpected Inflation: a Discussion," 1990, The Review of Futures Markets 9, 489-503.
"The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates: Discussion," 1986, Journal of Finance, 41, 629-632 (July).
CITED DEFUNCT/CONFERENCE VOLUME PAPERS:
"How much do expected returns vary over time? Answers from the options markets," 1999, with Andea Heuson and Tie Su.
"Changes in Expected Risk Premiums and Security Risk Measures," Proceedings of the European Finance Association, (August, 1985).
"Empirical Regularities in Stock Returns Involving Day, Size and Season," with Donald B. Keim, The Proceedings of the Seminar on the Analysis of Security Prices, University of Chicago, (May, 1984).
CURRENT RESEARCH:
"Alpha and the Problem of Performance Measurement," July 2008. [download pdf]
"Measuring the Timing Ability of Fixed Income Funds," with Yong Chen and Helen Peters, November, 2008. [download pdf]
"When Can Market Timers Time?" with Meijun Qian, October, 2006.
"Performance Measurement and Benchmarking," with Jon Christopherson and David Carino (preliminary research in progress).
"Optimal Orthogonal Portfolios with Conditioning Information," with Andrew F. Siegel (preliminary research in progress).
"Evaluating Hedge Fund Performance Against Dynamic Nonlinear Benchmarks," with George Aragon (preliminary research in progress).
"The out-of-sample Performance of Long-run Risk Models," with Biqin Xie and Suresh Nallaready (preliminary research in progress).
PROFESSIONAL ACTIVITIES:
PRESIDENT:	Society of Financial Studies (2005-2008); Western Finance Association (2000-2001), Program Chairman (WFA 2000)
DIRECTOR:	American Finance Association (1997-99) Western Finance Association (1993-96).
EDITOR:	Journal of Empirical Finance (2004-2006); Review of Financial Studies (1996-99).
VICE PRESIDENT:	Western Finance Association (1998-1999), Society of Financial Studies (2002-2005).
ASSOCIATE EDITOR:	Journal of Empirical Finance (2002-2003), Journal of Financial and Quantitative Analysis (1992-) Journal of Financial Forecasting (2006-2008) Journal of Financial Research (2000-) Journal of International Financial Markets, Institutions and Money (1996-) Management Science (1992-2007) Review of Financial Studies (1992-1994) Review of Quantitative Finance and Accounting (1990-) Seoul Business Journal (1996-).
NOMINATIONS COMMITTEE:	American Finance Association (1996) Western Finance Association (1999, 2000) Society for Financial Studies (2002, 2004, 2006-2008)
EXECUTIVE COMMITTEE:	European Finance Association (1999-2002) Society for Financial Studies (2002-2008) Western Finance Association (1999-2001) Ad Hoc Committee for WFA-SFS Collaboration (2005-2006) Site selection for the Western Finance Association 2010 meetings (2007-2008).
PANEL MEMBER:	Humanities, Social Sciences and Business Studies Panel of the Hong Kong Research Grants Council (1998-2003).
PROGRAM COMMITTEES:	American Finance Association (1995, 1999, 2001) Asia Pacific Finance Association/ Nippon Finance Association (1998) Berkeley/Tuck Winter Finance Workshop (2004) European Finance Association (2003-05) Conference on Financial Economics and Accounting (1996) Financial Research Association (2005-08) National Bureau of Economic Research (Conference Organizer, 1998) Portuguese Finance Network (2004) Western Finance Association (1988-1998, 2005, Program Chair, 2000, 2004-2007) Financial Management Association (1992-94, 1996-97, 2004-05, Best Paper Awards Chairman, 2005) Utah Winter Finance Conference (1993-2007)
MANUSCRIPT REVIEWS:	Academic Press; The Dryden Press; Elsevier; McGraw Hill; Oxford University Press; Prentice Hall; Scott, Foresman and Company.
STEERING COMMITTEES:	Financial Economists Round Table (2008-2012).
KEYNOTE ADDRESSES:	College of Economics and Finance Opening Ceremony, Seoul, Korea (2002), McGill Finance Symposium (2005), Pacific Basin Conference on Finance, Economics and Accounting (2005), Inquire Europe (2005), Pacific Basin Conference on Finance, Accounting, Economics and Management (2008).
CONFERENCE PRESENTATIONS/ DISCUSSIONS/ SESSION CHAIR:	Atlanta Federal Reserve Bank Conference on Topics in Financial Econometrics (2006); American Finance Association (1979, 1985, 1987-90, 1993-2006); American Society of Appraisers (1993); Asia Pacific Finance Association (1995, 1999-Plenary Speaker); Berkeley Program in Finance (1992, 2003); Boston College Finance Advisory Board Conference (2003); Canadian Investment Review/ U.B.C. Global Investment Conference (1996); College of Economics and Finance, Hanyang University (2002); Chicago Quantitative Alliance (1997, 2003); CIBER-UCLA Doctoral Internationalization Consortium (1998); Conference on Financial Economics and Accounting (1990-92, 1996, 2002-04); Conference on Multivariate Time Series and Financial Econometrics (1994); Copenhagen Business School/Lund University joint workshop (1999); Crabbe Huson Contrarian and Value Management Conference (2000); Darden School Conference on Emerging Markets: Innovations in Portfolio Management (2004); Econometric Society (1988, 1990); European Finance Association (1985, 89, 93, 95, 97, 98, 99, 2004); Financial Management Association (Doctoral Seminar Panelist 1994, 2004, 2005; Tutorial session 1996; Doctoral Seminar Coordinator 1997; Assistant Professor's Breakfast Panel, 2002); Financial Research Association (2005); Federal Reserve Bank of Atlanta Financial Markets Conference (2004); Finnish Society of Financial Analysis (1999); Global Analyst Seminar, Frank Russell Company (1998); Global Finance Conference, Dublin (2005); International Conference on Stochastic Programming at UBC (1998); Institute for Quantitative Research in Finance (1998, 2004); CIRANO/CIREQ Conference on Macroeconomics and Finance (2004); Inquire Europe (1997); Johnson Symposium (1986); Journal of Investment Management Conference (2006); Ibbotson Associates Cost of Capital Conference (1997); ISCTE-Nova Conference on Mutual Funds and Investment Management (2008); LTT Portfolio Acadamy Seminar (1999); Maryland Finance Symposium (2002); McGill Conference on Global Asset Management (2003); National Bureau of Economic Research (3/92, 7/93, 10/93, 7/94, 7/95, 5/96, 4/97, 5/98, 7/98, 5/99, 7/00, 3/01); Northern Finance Association (1991, 1995-96, 2003); Osaka Finance Conference (1994); Pacific Northwest Finance Conference (1992, 2000); Quantec Investment Seminar (1994); QWafafew Boston (2002); Seminar on the Analysis of Security Prices, Center for Research in Security Prices at the University of Chicago (1984, 1989); Society of Quantitative Analysts (2006); Southern Finance Association (2005-06); Southwestern Finance Association (1994); Utah Winter Finance Conference (1992-95, 98-2000, 2002-09); Swedish Economic Council and Bank of Sweden Tercentenary Conference on Risk Allocation and EMU (1998); Texas Finance Festival (2000, 02, 05, 08); Western Finance Association (1982 1999, 2001-02, 04-07); Washington University Asset Pricing Conference (2007); Wharton Conference on Distribution and Pricing of Delegated Portfolio Management (2002); Wharton conference on Frontiers of Investing (2006).
REFEREE SERVICES:	Advances in Investment Analysis and Portfolio Management; American Economic Review; The Economic Journal; European Economic Review; European Finance Review; Financial Management; Financial Review; Hong Kong Research Grants Council; International Finance; International Review of Economics and Finance; Journal of Applied Econometrics; Journal of Banking and Finance; Journal of Business; Journal of Business and Economic Statistics; The Economic Journal; European Finance Review; Global Finance Journal; International Economic Journal; International Economic Review; Journal of Econometrics; Journal of Economic Dynamics and Control; Journal of Economics and Business; Econometrica; Journal of Economic Integration; Journal of Emerging Markets Finance; Journal of Empirical Finance; Journal of Finance; Journal of Financial Economics; Journal of Financial Econometrics; Journal of Financial and Quantitative Analysis; Journal of Financial Research; Journal of Financial Services Research; Financial Review; Journal of International Money and Finance; Journal of International Financial Markets, Institutions and Money; Journal of Macroeconomics; Journal of Monetary Economics; Journal of Money, Credit and Banking; Journal of Political Economy; Journal of Risk and Insurance; The Manchester School; Multinational Finance Journal; National Science Foundation; Pacific Accounting Review; Quarterly Journal of Business and Economics; Quarterly Journal of Economics; Quantitative Finance; Recherches Economiques de Louvain; Review of Financial Studies; Review of Economics and Statistics; Review of Quantitative Finance and Accounting; Risk Analysis: An International Journal; Scandinavian Journal of Economics; Social Sciences Research Council of Canada.
EXTERNAL REVIEWER:	University of Arizona, Arizona State University, Australian Graduate School of Management, University of Alberta, Boston College, University of British Columbia, Brigham Young University, University of California at Los Angeles, University of California at Riverside, University of California at San Diego, California Institute of Technology, City University of Hong Kong, Cheung Graduate School of Business, University of Chicago, University of Colorado, Columbia, Cornell, CUNY Baruch, Dartmouth College, Duke University, The Croucher Foundation, Emory University, Fordham University, Georgetown, Hong Kong University of Science and Technology, University of Illinois, University of Indiana, INSEAD, University of Iowa, London Business School, London School of Economics, Loyola University of Chicago, University of Maryland, University of Melbourne, University of Michigan, University of Minnesota, New York University, Northwestern University, University of North Carolina, University of Notre Dame, Queens University, Rice University, Rutgers University, Simon Fraser University, University of South Carolina, University of Southern California (Marshall School, Economics Department), Stockholm School of Economics, Technion - Israel Institute of Technology, Tel Aviv University, Tulane, University of Texas at Austin, University of Texas at Dallas, University of Toronto, University of Utah, Vanderbilt University, Washington University, Washington State University, University of Western Ontario, William and Mary, University of Wisconsin.
DOCTORAL THESIS COMMITTEES:	Campbell R. Harvey (1987), Frances Longstaff (1988), Michael Hemler (1988), Stefano Cavaglia (1990), Eric Jacquier (co-chair, 1990), Edward R. Allen (1991), David Beaglehole (1991), Yuming Li (1992), Harry Turtle (1991, outside member for the University of Alberta), Chis Telmer (1991, outside member for Queens' University), Kevin Geraghty (1992), Chu Zhang (1992), Phillip Braun (1992), Giorgio De Santis (1993), Arthur K. Selender (1993), Jules Buxbaum (1994), Raymond Kan (1994), John Scruggs (chair, 1996), Heber Farnsworth (chair, 1997), Steven Todd (1997), Eric Kostbade, Kenneth Khang (chair, 1998), Michael Schill (1998), Sergei Sarkissian (chair, 1999), Xiaozhen Li (1999),O/ yvind Norli (external examiner, Norwegian School of Economics, 1999), Juan Cruces (chair, 2001), Max Chen (2001), David Myers (chair, 2001), Timothy Simin (chair, 2002), David Jackson (chair, 2002), Mark LaPlante (chair, 2003), Ozgur Demirtas (co-chair, 2003), Ludan Liu (chair, 2004), Mark Liu (2004), George O. Aragon (chair, 2005), David McLean (co-chair, 2006), Meijun Qian (chair, 2006), Sarantis Tsiaplias (external examiner, University of Melbourne, 2007), Yong Chen (chair, 2007), Suresh Nallaready (oral examination committee, 2008), Ethan Chiang (Co-chair, in process), Fabio Moneta (in process), Sungju Chen (in process), Min Kim (Chair, in process).
RESEARCH WORKSHOPS:	University of Alberta (1990, 95, 99), Arizona (1997, 2005), Texas A&M (1999), Arizona State (1993, 94, 98, 2007), Babson (2003), CUNY Baruch (2005), Baylor (2005), Berkeley (1981, 88, 91, 97, 99, 2007), Brandeis (2003), Brigham Young (2005), British Columbia (1994), Boston College (1994, 97, 2000, 03), Boston University (2002), Carnegie-Mellon (1986), California at Irvine (1991), California at Los Angeles (1986, 88, 94, 98, 2003, 07), California at Riverside (1999, 2003), Colorado at Boulder (1990), Columbia (1984, 90, 97, 2000), Copenhagen Business School (1999, 2007), Cornell (1990, 2003), University of Connecticut (2006), Chicago (1981, 83,84,85,86,88,89,90,91,97), Cleveland Federal Reserve Bank (1990), Dartmouth (1984, 99), DePaul (2005), Duke (1986, 90, 97), Emory (1990, 99), Federal Reserve Bank of Atlanta (2002), Florida at Gainesville (1991, 2005), Frank Russell Company (1994, 97), Georgetown (2005), University of Georgia (2006), Georgia State (1995), Harvard (1981, 2003), HEC Paris (1999, 2004), Hong Kong University of Science and Technology (2008), Houston (1998), Illinois (1985, 97), Indiana (1988, 97), INSEAD (1999, 2007), University of Vienna (1999), Iowa (1990, 92, 2000, 05), J.P. Morgan (1995), Kansas University (2006), Laval (1997), London Business School (1990, 98, 2003), London School of Economics (2003), Louisiana State (1998), Manitoba (1992), Maryland (1991), U. Massachusetts at Amherst (2005), McGill (2000), Michigan State (2004), Miami (1997, 98, 99), Michigan (1991, 94, 2004), Minnesota (1988), Missouri (1996), MIT (2003), Nanyang Technological University (2008), National University of Singapore (2008), New Orleans (1996), New South Wales (1999), New York Federal Reserve Bank (2000), New York University (1984, 97, 2003, 05, 08), Northwestern (1981, 86, 96, 2003), North Carolina (1990, 99), Norwegian School of Economics and Business (2007), Norwegian School of Management (1999, 2007), Notre Dame (1994, 98), Oklahoma (1994, 2006), Ohio State (1984, 91, 96), Oregon (1999), Oxford University (2003), Pennsylvania State (2002, 05), Princeton (2003), Purdue (1997), Queens (1992), Rice (1996), Rochester (1981, 91), Securities and Exchange Commission (2005), Singapore Management University (2008), Stanford (1988, 97, 2007), State Street Associates (2004), Southern Methodist (1986, 91, 94, 2006), South Carolina (1993, 97, 98, 2003), Southern California (1988, 93, 97, 99), SUNY Buffalo (1989), Stockholm School of Economics (1997, 98), Tel Aviv (1992), Texas at Austin (1992, 96), Texas at Dallas (1984, 92, 2000, 03), Toronto (1990, 96, 2002), Tulane (1993), Utah (1996, 99, 2003), Vanderbilt (1999), Virginia Tech (2005), University of Warwick (2003), University of Washington (1992, 93,94,95,96,97(2),98(2), 2000), Washington University (1990, 98), Washington State (1997), Western Ontario (1989), Wharton (1981, 83,85,97, 2003), Wisconsin-Madison (1988, 90,92,97, 2001), Yale (1984), York University (2006).
INTERNAL COMMITTEES:	Finance Doctoral Program Coordinator (2008-); Doctoral Program Committee (2007-); Finance Recruiting Co-chair (2007-09), Ad-hoc Committee for Department Chair selection (2007); USC Peer Evaluation Committees (2007, 08, 09); Carroll School Task Force on Research Culture (2005); Departmental Ad Hoc Committee on Research Productivity (2005, 2006); Dean's Ad hoc Committee on Research (2004); Third-year Review Committee for Assistant Professors (2003-04); University Research Council (2003-2006); Advisory Board, Pacific Rim Finance Center (1996-2001); Faculty Excellence Awards Selection Committee (1998); University of Washington Retirement Plan Task Force (1995); Professorship Selection Committee (1993-99, Chairman 1996, 97,99-2001); Doctoral Program Committee (1992-2000, Chairman, 1995-2000); Graduate School Research Fund (1992-94); Doctoral Qualifying Examination Committee for Finance (Chairman, 1993-2001, Member 2002, both U. Washington and Boston College, Member, Boston College, 2002-2007); Doctoral Student Advisor for Finance (1993-2001); Doctoral Qualifying Examination Committee for Business Economics (Chairman, 1994-2000); Finance recruiting committee (1994-97, 2000, 2002, Chairman, 2003-04, Co-Chair, 2005-06).
HONORS AND AWARDS:	Best Discussant Award, Financial Research Association (2005). Elected President, Society of Financial Studies (2005). Smith Breeden prize nominee for papers in the Journal of Finance (1992, 93, 96, 2001, 2003). Journal of Financial Economics "All Star Paper" for citations through 2001 (two papers). Association for Investment Management and Research Grant (2002). Q-group Research Grant (2002). Guttman Center Research award (2002-2003). Invited to join the Financial Economists Roundtable (2002). Bernstein Fabozzi/ Jacobs Levy Award of Excellence for 1999 Journal of Portfolio Management Paper, 2005. Elected Executive Committee member, European Finance Association (1999). Elected Vice President, Western Finance Association (1998). Dean's Research Award, University of Washington (1997). Elected Director, American Finance Association for 1997-99. New York Stock Exchange award for the best paper on equity trading, 1993 Western Finance Association. Graham and Dodd Scroll for Financial Analysts Journal paper, 1991. Prudential Fellowship in Fixed Income Research. Prudential Inflation Research grant. American Assembly of Collegiate Schools of Business dissertation grant. Beta Gamma Sigma National Business Honorary. SEDCO scholarship. Kappa Mu Epsilon Mathematics Society. Sigma Tau Engineering Honorary.
OTHER:	Consultant, Frank Russell Company (1996-2002), Manufacturing engineer, Martin Marietta Corporation, Orlando, Florida (1972-1973).
AFFILIATIONS:	Financial Economists Round Table (2002-), National Bureau of Economic Research, Research Associate (1995-), American Finance Association, Western Finance Association, Econometric Society, European Finance Association, Society for Financial Studies, Society for Quantitative Finance and Accounting, Ankylosing Spondylitis Association, Aircraft Owners and Pilots' Association.
PERSONAL:	Born June 25, 1951. U.S. Citizen raised in Massachusetts, Texas and New York. Married to Nancy K. Ferson. Two step sons. Avocations include hiking, in-line skating, mediocre skiing, travel, dining and light sport aircraft.